As tax documents fill our mailboxes in the U.S., we explore the individual tax regimes around the world

Politicians for centuries have used taxation as a primary incentive to garner greater public influence. But the current surge in populism, particularly across Europe, revives age-old grievances from taxpayers. Since the onset of the financial crisis, European politicians, particularly in countries facing severe stress, have been forced to pursue fiscal consolidation efforts through a combination of higher taxes and lower spending, referred to as “austerity”.

The IRS has estimated that only 84% of taxes owed are paid every year; the revenue shortfall to the U.S. government is about $400 billion annually, or almost 3% of gross domestic product. With yearly deficits skyrocketing to more than $1 trillion, some recovery of back taxes would be very much welcome. For those who owe, it will be a bad day when the IRS arrives on the doorstep. But it will be a good day for the rest of us.

This article highlights how…

Throughout history, taxes have been the subject of popular discontent

High tax burdens have drawn fire in several European countries

In the U.S., good economic growth did not offset the loss of tax revenue from the 2017 tax act